Dr. Joseph Obeng

Members of the trading community have agreed to rescind a decision to close down their shops in protest over the depreciating cedi against the U.S dollar.

The decision was arrived at after a four-hour crunch meeting with the Council of State members Thursday afternoon (25th August, 2022).

Joy Business is gathering that the members of the business community, which consist of Leadership of Market Women Association,  Ghana Union of Traders Association, (GUTA) Mobile Phone Dealers, Abossey Okai Spare Parts Dealers Association charged the Council to intervene immediately in finding a lasting solution to the falling cedi, a situation they lamented has been eroding their gains.

“There will be a press conference to address the media after signing a resolution to rescind the decision and also withdraw the intended demonstration,” some members of the trading community told Joy Business News.


Addressing a press conference on Monday (22 August, 2022), the President of GUTA, Joseph Obeng, stressed that the worsening state of the Cedi has eroded the gains of businesses after the COVID-19 pandemic and the shocks from the Russia-Ukraine war.

He, therefore, called on government to prioritise activities of the trading community by stabilising the local currency against the dollar.

According to him, the decline in the country’s currency will only deepen the heightened levels of hardship which have already plagued Ghanaians.

GUTA also shares in this sentiments with the view that if government does not roll out measures to immediately address the fast depreciating Cedi, the situation may become worse.